Why should bitcoin cost $18,000 today and why can it fall down to $6,900 towards autumn?
Bitcoin should cost $18,000 today
Analyst PlanB writes. According to his estimates, the correlation between the S&P 500 index and bitcoin is 95% and the cryptocurrency is underestimated today.
With the current index, BTC should cost $18,000, the analyst points out.
PlanB also notes that the charts of both equities fit into the S2F model — according to the forecast, the next peak of bitcoin will occur at the level of $288,000 and S&P 500 will rise up to $4,300 in this case.
The BTC price will continue to fall
Popular trader CryptoCapo posted a series of tweets where he compared the current bitcoin chart with historical data.
The detected “fractals” presuppose that the bitcoin exchange rate will continue to go down. According to the analyst, the price is ready to break through the support trend line. If the rate goes below $9,200, the next goal will be the level of $8,550, the breakthrough of which will definitely confirm the bear trend.
CryptoCapo earlier posted the Wyckoff method estimate according to which the current accumulation would trigger the price movement to the point of $1,600.
Bitcoin will go down to $6,900 towards autumn
Crypto analyst Dave the Wave points out. According to his conclusions, the bitcoin exchange rate should drop down to the lower side of the global triangle where there is also the Fibonacci correction level of 0.382.
The analyst points out that indicators confirm the bearish attitude and “the last but one chance” to buy at a low price will be near the level of $6,900.